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2023/02/07 / Erste Group Research
Global Equity Ratings

Positive 4Q22 earnings season


Rating changes: Advanced Micro Devices, Exxon Mobil, Home Depot, Infineon, KBC Group, Salesforce.com, Starbucks, Bank of America , ConocoPhillips, Equinor, Johnson & Johnson, Novartis, Unilever, Waste Management

The stock market took the Fed's recent comments as "dovish" despite the U.S. rate hike. Recent positive surprises from purchasing managers' indices (China & Eurozone) prompted investors to increase risk appetite. The consensus forecast for global corporate sales growth in 2023 is +2.5% (y/y). Profits should increase slightly this year (2023e: +1.5% y/y).

We see upside potential in consensus forecasts for this year given the positive 4Q22 reporting season so far and the solid 2023 outlook from corporations. These revisions will have a positive impact on share prices, in our view.

Salesforce.com: Revenue growth of approx. 17% p.a. expected until 2026

Home Depot: Solid growth and stable margins, US housing market with upside potential
KBC Group: Very high profitability with ROE of 14%

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General information

AuthorErste Group Research
Date2023/02/07
Product typeweekly / bi-weekly
Product nameRecommendation List
Topic in focusEquities
Languageen
Market cap-
AvailabilityAll [1]
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